VAHF: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VAHF
Largest movements
- Tangible fixed assets +€5.4m
up €5.4m (+23.2%), from €23.1m to €28.5m
- Financial fixed assets -€1.3m
down €1.3m (-10.4%), from €13.0m to €11.6m
- Current assets +€504,760
up €504,760 (+92.0%), from €548,367 to €1.1m
of which Cash: +€318,537
- Provisions +€6.7m
up €6.7m, from €0 to €6.7m
- Equity -€5.3m
down €5.3m (-26.9%), from €19.5m to €14.3m
of which Reserves: -€4.8m
- Debts +€3.0m
up €3.0m (+17.4%), from €17.2m to €20.2m
of which Debts within one year: +€2.5m
- Gross operating margin +€3.6m
up €3.6m (+187.6%), from €1.9m to €5.6m
From the 2019 result to the 2020 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2019 | 2020 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,739,219 | €41,217,331 | +€4.5m | +12.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €36,190,852 | €40,164,204 | +€4.0m | +11.0% |
| Intangible fixed assets | 21 | €102,262 | €54,912 | -€47,350 | -46.3% |
| Tangible fixed assets | 22/27 | €23,112,988 | €28,477,214 | +€5.4m | +23.2% |
| Financial fixed assets | 28 | €12,975,602 | €11,632,078 | -€1.3m | -10.4% |
| Current assets | 29/58 | €548,367 | €1,053,127 | +€504,760 | +92.0% |
| Stocks and contracts in progress | 3 | €248 | €248 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €349,576 | €487,804 | +€138,228 | +39.5% |
| Cash at bank and in hand | 54/58 | €177,300 | €495,837 | +€318,537 | +179.7% |
| Total equity and liabilities | 10/49 | €36,739,219 | €41,217,331 | +€4.5m | +12.2% |
| Equity | 10/15 | €19,513,825 | €14,263,118 | -€5.3m | -26.9% |
| Contributions | 10/11 | €14,639,039 | €14,639,039 | = | 0.0% |
| Reserves | 13 | €19,811,609 | €15,012,104 | -€4.8m | -24.2% |
| Profit (loss) carried forward | 14 | -€15,134,736 | -€15,572,159 | -€437,423 | -2.9% |
| Provisions and deferred taxes | 16 | €0 | €6,725,683 | +€6.7m | |
| Amounts payable | 17/49 | €17,225,394 | €20,228,530 | +€3.0m | +17.4% |
| Amounts payable after more than one year | 17 | €12,496,251 | €13,044,427 | +€548,176 | +4.4% |
| Amounts payable within one year | 42/48 | €4,704,087 | €7,166,980 | +€2.5m | +52.4% |
| Trade debts | 44 | €378,157 | €812,489 | +€434,331 | +114.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,389,491 | €1,363,661 | -€25,830 | -1.9% |
| Gross operating margin | 9900 | €1,940,990 | €5,582,178 | +€3.6m | +187.6% |
| Operating profit (loss) | 9901 | €23,218 | €3,626,713 | +€3.6m | +15520.1% |
| Recurring financial income | 75 | €14,345 | €18,506 | +€4,161 | +29.0% |
| Recurring financial charges | 65 | €422,314 | €449,725 | +€27,411 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | -€339,549 | €3,195,495 | +€3.5m | |
| Income taxes | 67/77 | €200 | €19,656 | +€19,457 | +9743.0% |
| Profit (loss) for the period | 9904 | -€339,749 | €2,461,356 | +€2.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€188,581 | -€437,423 | -€248,842 | -132.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2019 and 31 December 2020. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.